Buying A Home
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walking away from a house after inspection
Anyone on here have to do this? We had a horrible inspection this morning. The issues are a lot and bad. Some of them we don't even know the extent of without pulling up whole floors and taking the finished basement walls which the seller's won't agree to. So we've decided to walk away. Just wondering if anyone did and if you got your initial deposit back.
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Re: walking away from a house after inspection
It's really going to depend on state laws and how it is set up through your lender. We recently made an offer on a home and had an inspection done yesterday. We are going to continue on with our offer, however, there were some things needing attention. If we decided to walk away from our offer, we still have to pay the inspection. We had chosen to take care of the inspection ourselves. It also may depend how it is worded in the contract as well.
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Ugh that's tough. But, you are probably making the right decision.
I think the findings of that inspection have to now be entered into that home's RE record for sale (I think they have to changed their seller disclosure form) so this might mean the sellers will have to lower their price to attract any new buyers.